With increasing penetration of smartwatches and proliferation of low-cost devices, India’s smartwatch shipments grew 50% year-on-year in 2023. The market saw over 125 active smartwatch brands in 2023 even as it started moving towards consolidation, according to the latest research from Counterpoint’s IoT Service.
Fire-Boltt led the market with a 30% share, and the brand maintained its focus on offering a wide SKU portfolio and a strong offline presence. Noise (along with sub-brand Alt) captured the second spot with a 26% market share.
The Noise Colorfit Icon 2 and Colorfit Icon Buzz were the best-selling smartwatches in 2023. The brand expanded its retail presence in 2023 and also expanded its portfolio in the kids smartwatch category. boAt (with sub-brands TAGG and Defy) maintained its third spot in the market with a 17% share and 40% YoY growth. The brand sported its widest portfolio in 2023 and also introduced its Crest+ OS.
Besides, it launched limited-edition smartwatches for the CWC in 2023. Fastrack registered the highest shipment growth among major OEMs (original equipment manufacturers) to move to the fourth spot with a 5.4% market share. Boult captured the fifth spot with a 3.8% market share. It had the lowest ASP among the top five OEMs. Samsung declined by 3% YoY in 2023 but registered 17% YoY growth in Q4 2023.
The Galaxy Watch 4 continued to be the brand’s best-selling model owing to its promotional pricing. Apple’s shipments declined by 57% YoY in 2023 owing to longer replacement cycles and higher ASP (average selling price) coupled with iPhone-only compatibility. The brand maintained its lead in the shrinking R20,000 and above retail price band.
With increased iPhone sales in India in 2023, gradual growth in Apple Watch shipments is expected in 2024. “The combined share of the top five brands reached the highest ever at 81%. Growth of players like Fastrack, Boult and BeatXP led to further consolidation of the market,” said analyst Harshit Rastogi.